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The conflict between unlimited desire or demand and a limited amount of resources.
a hammer
A boy that buys a video game.
BOTH a good AND a service
Scarcity
Human Capital
wood
available resources
Making sure that everyone at your birthday party has at least one piece of cake.
Which of the following illustrates an economic response to the problem of scarcity?
a hammer
A boy that buys a video game.
BOTH a good AND a service
Scarcity
Human Capital
wood
available resources
Making sure that everyone at your birthday party has at least one piece of cake.
Economics is the study of how people manage _________________.
a hammer
A boy that buys a video game.
BOTH a good AND a service
Scarcity
Human Capital
wood
available resources
Making sure that everyone at your birthday party has at least one piece of cake.
Which of the following would be considered a NATURAL resource.
a hammer
A boy that buys a video game.
BOTH a good AND a service
Scarcity
Human Capital
wood
available resources
Making sure that everyone at your birthday party has at least one piece of cake.
Which of the following would be an example of a consumer?
a hammer
A boy that buys a video game.
BOTH a good AND a service
Scarcity
Human Capital
wood
available resources
Making sure that everyone at your birthday party has at least one piece of cake.
When you and your family go out to eat in a restaurant, you are consuming __________________.
a hammer
A boy that buys a video game.
BOTH a good AND a service
Scarcity
Human Capital
wood
available resources
Making sure that everyone at your birthday party has at least one piece of cake.
The skills and talent of a professional basketball player would be considered which of the following factors of production?
a hammer
A boy that buys a video game.
BOTH a good AND a service
Scarcity
Human Capital
wood
available resources
Making sure that everyone at your birthday party has at least one piece of cake.
What sort of physical capital would a carpenter need to build a house?
a hammer
A boy that buys a video game.
BOTH a good AND a service
Scarcity
Human Capital
wood
available resources
Making sure that everyone at your birthday party has at least one piece of cake.
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